Wednesday, August 19, 2015

#Symantec sells #Veritas to Carlyle-led group for $8 billion

Symantec has reached a definitive agreement to sell Veritas to Carlyle Group, a global investment firm for $8 billion. This transaction will give Symantec much-needed cash to compete better in the fast-growing cybersecurity market.
The sale of Veritas is expected to close by the end of third quarter ending December 2015, and operational separation of the two businesses by October 2015.
Symantec has been facing  in its trouble in its core security software business as weak PC sales hurt demand for its products, which come bundled with computers.